Dhandapani Finance to raise funds through issue of preference shares

Dhandapani Finance Ltd has announced that the Board of Directors of the Company at its meeting held on May 26, 2008, inter alia, has approved the issue of Redeemable Preference Shares (RPS) on preferential allotment basis to the extent of Rs 23 Crores to Zwirn Pragati Capfin Pvt Ltd.

Issuance of Compulsorily Convertible Preference Shares (CCPS) on preferential allotment basis to the extent of Rs 2.5 Crores to D B Zwirn Mauritius Trading No. 2 Limited, or any of its affiliates, associated or group Companies or any of the subsidiaries of D B Zwirn Special Opportunities Fund, Ltd.

Issuance of Compulsorily Convertible Preference Shares (CCPS) on preferential allotment basis to the extent of Rs 2.5 Crores to Zwirn Pragati Capfin Pvt Ltd.

Redemption of existing Redeemable Optionally Convertible Preference Shares (ROCPS) issued on February 12, 2007 to M/s. D B Zwirn Mauritius Trading No.2 Ltd out of the proceeds of the issue of the RPS and CCPS, referred to in Clauses (1), (2) and (3) above.

To convene an Extra Ordinary General Meeting of the shareholders of the Company on June 21, 2008 to consider the above businesses, the notice of which is being sent to the shareholders individually.

Source : Equity Bulls

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